Blog

Bitcoin worth is trying a recent enhance above the $52,000 resistance. BTC should clear the $52,800 resistance to proceed greater within the close to time period.

• Bitcoin worth is gaining tempo above the $52,800 resistance zone.
• The worth is buying and selling above $52,000 and the 100 hourly Simple transferring common.
• There was a break above a key bearish development line with resistance at $51,880 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver up if it clears the $52,800 resistance zone.

Bitcoin Price Eyes More Gains

Bitcoin worth began a draw back correction from the $52,800 resistance zone. BTC corrected decrease under the $52,000 and $51,500 ranges. However, the bulls had been energetic above the $50,500 zone.

A low was shaped close to $50,581 and the worth is now trying a fresh increase. There was a transfer above the $51,200 and $51,500 resistance ranges. The worth cleared the 50% Fib retracement stage of the downward transfer from the $52,843 swing excessive to the $50,581 low.

Besides, there was a break above a key bearish development line with resistance at $51,880 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above $52,000 and the 100 hourly Simple transferring common.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $52,300 stage. It is close to the 76.4% Fib retracement stage of the downward transfer from the $52,843 swing excessive to the $50,581 low. The subsequent key resistance might be $52,800, above which the worth may lengthen its rally. The subsequent cease for the bulls could maybe be $53,200. A transparent transfer above the $53,200 resistance may ship the worth towards the $54,000 resistance. The subsequent resistance might be close to the $55,000 stage.

Another Decline In BTC?

If Bitcoin fails to rise above the $52,300 resistance zone, it may begin one other draw back correction within the close to time period. Immediate assist on the draw back is close to the $51,850 stage and the development line.

The first main assist is $51,300. If there’s a shut under $51,300, the worth may acquire bearish momentum. In the acknowledged case, the worth may decline towards the $50,500 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $51,850, adopted by $51,300.

Major Resistance Levels – $52,300, $52,800, and $54,000.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use info supplied on this web site solely at your individual threat.